On October 15, 2012, ADP®, a leading provider of human resource outsourcing, payroll services, tax and compliance, and electronic invoicing solutions, announced several key enhancements to its electronic invoice solution, a component of ADP Procure-to-Pay® (P2P) Solutions.
The enhancements include advanced coding capabilities and improved document routing and management that streamline the accounts payable process for medium to large businesses. These coding and routing enhancements automate tasks that were previously done manually. Clients using this enhanced electronic invoicing solution are able to enjoy process efficiencies and improved accuracy, which ultimately help them increase their focus on more strategic, value-added tasks.
According to Ardent Partners' ePayables 2012: The State of the AP Market research report, best-in-class accounts payable departments that have embraced automation have significantly compressed the invoice cycle time, dramatically lowered processing costs, and achieved superior spend visibility. "Our survey of over 220 AP departments shows that best-in-class companies process invoices in less than four days for a cost per invoice of under $2 and, as a result, are able to capture more early payment discounts, whereas all other companies have an average processing cycle of almost fifteen days and a cost per invoice of $23," said Vishal Patel, research director at Ardent Partners.
The latest release of ADP's invoice automation solution includes updates designed to boost the effectiveness of ADP Procure-to-Pay Solutions, which offers flexible electronic invoicing options and a comprehensive network of suppliers that support e-invoicing. Among the enhancements:
- Advanced coding based on historical data. The new coding engine enables clients to determine how invoices are coded based on historical precedence and invoice data, such as supplier name, spend type, dollar amount, etc. Over time, the system recognizes coding precedents set through previous invoices and automatically codes incoming invoices, increasing timeliness and accuracy of coding.
- Faster, easier document routing. ADP's rule-based engine allows documents to be routed automatically to the right person in the right department upon receipt, improving efficiency and virtually eliminating the need for manual intervention. The routing path is based on rules set by the business, such as supplier, contact name, region, etc.
- Simplified document management. Clients can now process multiple document types within a single system - including those with and without purchase order assignments - allowing clients to leverage the ADP system, or their current accounting application, to process specific transactions.
"These enhancements help ensure companies get the right documents, to the right people, in the right places, at the right time. They're part of our ongoing goal to bring clients exactly what they've been telling us they want - smarter systems with more automation," said Leon Busch, vice president and general manager of ADP Procure-to-Pay Solutions. "As part of our mission to be the best in the business, we're making continued investments in our solution and we're excited about what lies ahead."
ADP's electronic invoicing solution is transforming the way organizations manage their accounts payable process. ADP delivers comprehensive functionality - PO management, electronic invoicing, supplier enablement, scan and capture services, automated workflow, and payments automation - to clients looking to reduce errors and their use of paper, while increasing efficiency and spend visibility.